- Hubei adds 116 overseas investment projects in 2016
In 2016, Hubei added 116 overseas investment projects, hitting a record high with actual foreign investment of 1.4 billion U.S.dollars and contracted foreign investment of 4 billion U.S.dollars, according to the Department of Commerce of Hubei Province on January 9, 2017.
Statistics showed that Hubei enterprises invested some 70 projects in European and American countries in 2016, actually gaining investment of 840 million U.S.dollars from the emerging industries of biomedicine, new energy vehicles, optoelectronics, pension services, etc. Among all the overseas markets, the US boasted the most projects by 36.
Hubei enterprises found various ways into the European and American market, acquiring local business, setting up R&D center and opening trade institutions, a responsible officer of the Department of Commerce of Hubei Province said.
The Camel Group, China’s largest producer of lead-acid batteries located in Hubei’s Xiangyang, established a wholly owned subsidiary in the US in August 2016, setting technology R&D center, test factory and business center. It mainly works with local lithium-ion battery companies to develop related battery technologies.
Liu Changlai, president of Camel Group, said the company is transforming to the field of new energy vehicles. In December last year, Hubei’s largest lithium-ion battery production base with an annual production capacity of 4 billion MWh was completed in Xiangyang.
In addition, the Yangtze River Industry Fund invested 250 million U.S.dollars to improve cross-border industries and bought two high-end intelligent equipment manufacturing projects of Germany and Italy, which will achieve industrialization in Hubei this year.
“Sixty percent of projects and investment were poured into European and American market, which accord with the economic transition expectation of Hubei, ” said the professor of Wuhan University of Science and Technology Dong Dengxin, adding that the per capita GDP of Hubei has exceeded 8,000 U.S.dollars and more and more Hubei enterprises went to European and American market for high - end technologies, talents, services and market, which are of great and profound significance to drive Hubei’s economic transition. (hubei.gov.cn by Ruan Xinqi)
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